The Market Ticker
Commentary on The Capital Markets
2015-08-08 07:00 by Karl Denninger
in Politics , 395 references
 

There is nothing I hate more than someone who has profited mightily from an injustice and yet, when attempting to acquire the power to put a stop to it, not only refuses but doesn't even mention it.

Former neurosurgeon Ben Carson reminded his fellow Republicans Thursday that he is cut from a different presidential cloth than his fellow 2016 hopefuls, noting that he is the only candidate to have separated Siamese twins.

Well, perhaps one sort of Siamese twin.

But the other, the one in which he is a part, was notably absent from the first Presidential debate.  In point of fact exactly zero of the candidates brought it up -- the unholy (and arguably illegal) collusive practices that the medical, pharmaceutical and insurance industry foist on all of us.

Just one example: Many prescription medications can be purchased for cash for less than your insurance co-pay.  What's even worse is that by giving that information to your insurance company you wind up driving up the cost of everyone's insurance, including yours, since now everyone has to have it (or pay a penalty, er, tax.)

What sort of racket is that?  You may well be charged a $20 copay for a medication that you can buy for cash for $15.  Guess what?  The insurance company makes a "regulated" profit (say, 10% of the billed price), the pharmacy bills that drug back to the insurance company for $25 (on which it makes 10%, or 2.50) and the pharmacy makes an extra $10!

You, on the other hand, get screwed out of $5, or 33% of the cash price.

How is this sort of thing legal?  It shouldn't be, and it probably isn't either, particularly on goods.  Robinson-Patman says that for buyers of like kind and quantity you may not discriminate.  Nowhere does it say "except for prescription drugs", incidentally.

This is just one of dozens of examples -- but it's one that nails virtually everyone that is prescribed drugs and has so-called "insurance."

And Ben Carson knows it.

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So much for the pundits who claimed Trump "hurt himself" in the debate.

Dead wrong folks!

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Sorry Bill, I don't think that Fox "bushwhacked" anyone -- utterly nobody should "pledge" that they will support an unknown person.

Bill, you're dead flat wrong on this issue; if the Republican Party demands fealty irrespective of what boob gets the nomination then there is utterly no reason for you, I, or anyone else to have anything to do with politics whatsoever.

Further, having watched the entire thing, I liked Trump's presentation.  Was it abrasive and "rough"?  Hell yes.  Trump takes no BS from anyone, and he does not care who tries to run that crap; if you take a cheap shot at him you better be prepared for it to come right back in your face.

That's what this nation needs right now -- someone with balls, who will do what needs to be done irrespective of who likes it.  The position of President is about doing what is right, not what some political party or organization demands.

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2015-08-07 07:52 by Karl Denninger
in Employment , 590 references
 

From the Bureau of Lies and Scams:

Total nonfarm payroll employment increased by 215,000 in July, and the unemployment rate was unchanged at 5.3 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in retail trade, health care, professional and technical services, and financial activities.

Meh.

Let's have a look inside this pig of a report.

Nothing to see here; the unadjusted rate of change was not 215,000, it was near zero -- +77,000.  To put context on this last year it was +161k and the year prior (2013) it was +272k.  This is terrible on an unadjusted basis.

Nor can we blame this on "Not In Labor Force" either; that shifted downward a bit (-31k.)

On a population adjusted basis employment actually declined.  That is, over the last 12 months when one looks at the change in the workforce we have a negative 396,000 job change.  Of course the gross addition looks reasonably good, but that's dishonest as you must account for the larger number of workers.

There was no change in the employment:population ratio last month, nor the "formal" unemployment rate; both were flat.

The only real note of interest found in the internals is that college-educated and people with "some college" saw a dip in their employment ratio (percentage of those with a degree who are employed) while those with less than a high school diploma, and high school graduates both gained slightly.

That bodes very poorly for the economy over the intermediate and longer term.

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2015-08-07 07:00 by Karl Denninger
in Editorial , 251 references
 

How much longer will you put up with this crap, folks?

One of two men charged in connection with last month's home invasion,******and fatal bludgeoning of a 64-year-old California woman was in the U.S. illegally and on probation, the News-Press has learned.

Victor Aureliano Martinez Ramirez, 29, who is charged along with Jose Fernando Villagomez, 20, in the July 24 attack in Santa Maria, Calif., was on probation for committing battery against an unidentified woman on May 22, 2014, while in possession of methamphetamine.

I already know what the retort will be: What percentage of the illegals do these things compared against citizens?

My riposte: How many of these crimes won't happen if we deport all the illegals and seal the border?  Answer: ALL OF THEM.

That's the beginning and end of the debate as far as I'm concerned.  A person who begins by breaking the law has no right of complaint, and anyone apologizing for said conduct can go join them in Mexico or North Korea.

'Nuff said.

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